Great success with Consumer Proposals in Sarnia

by Joel Sandwith on October 17, 2013

A consumer proposal can be an excellent alternative to bankruptcy – the basic idea being to offer to repay your creditors a portion of what you owe, over time.  Most proposals are for about 1/3 of the money owed, so for example, $30,000 of credit card debt could be dealt with in a proposal costing only $200 per month for 50 months, a total of $10,000 over just about 4 years.  Not all proposals can be that low, but many can.

You can only file a consumer proposal through a licenced trustee in bankruptcy (which I am, you don’t need to pay anything up front to meet with me).   When we meet, we help you find the ideal amount to offer.  This amount will depend on how much and who you owe, your budget, and your assets.

Once the proposal is offered, your creditors get 45 days to vote on it.  You don’t have to wait through month after month of negotiation, and during the voting, you are protected against your creditors coming after you.

A big question I get frequently is this:  will my creditors accept my proposal?  Well, there’s no guarantee, but my job is to help you offer the correct amount, to learn about your situation, to understand what you need and what your creditors want.

Just recently I took a look back at the proposals that I have helped my clients offer in the past several months.  Every single one has been accepted, and there are only two proposals in which the banks asked for more money.  In both of those cases, we knew going in the offer was towards the low end, and the additional request was not overly surprising.

If you are dealing with debt, give us a call.  Our advice is free, and we will help you find the right option for you, using our expertise and experience.  Toll free at 866-747-0660, or 310-PLAN (7526 no area code required) or locally here in Sarnia at 519-344-1058.


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